End of an era of two pioneering entrepreneurs in Southeast Asia HARVARD VERITAS
AS many returned from work after the customary long December holiday break, the business community in Southeast Asia had to mourn not one but two of the most well-known businessmen within a one-week period in January this year. Henry Sy Sr. of the Philippines and Eka Tjipta Widjaja of Indonesia both passed on peacefully in their 90s within a week of each other.
The business success stories of Henry Sy and Eka Tjipta Widjaja are inspirational for many would- be entrepreneurs. Both came from China’s Fujian province when they were teenagers and despite being poor and operating as the minority race, built up amazing businesses that rede
- ate” in Southeast Asia. Both also did not start well with seemingly bad timing. For example, Henry
- ment store in 1972; that was the same year the dictator Ferdinand Marcos declared martial law.
Of course, the perseverance of both gentlemen was well-known and legendary. As a former professional investor, I had the privilege to see firsthand how these two business families conducted their affairs. Pablo Picasso’s quote of “Action is the foundational key to all success” came to mind as both entrepreneurs were so ambitious and so driven that there were many times I thought to myself I am glad I am only an outside investor and not their staff or their children. Indeed, Henry Sy once said: “Don’t be afraid to think big, start small and move fast. If you don’t do that, others will just be ahead of you.”
Leveraging off the macrogrowth trajectory of Southeast Asia, both their businesses boomed into conglomerates over the decades and the family wealth of both blossomed. Based on the 2018 Forbes World’s Billionaires list, Sy has an estimated net worth of $20 billion or over three times larger than the fortune of the next richest tycoon from the Philippines. Eka Widjaja himself was listed as the fourth richest person in Southeast Asia’s largest economy. (Although the Widjaya family has its fair share of detractors over how they have been expanding their empire, the fact is undeniable that the conglomerate has grown and reached many parts of the archipelago today.)
Given our Veritas column is for Harvard alumnus, allow me to end my observations with a Harvard quote from Henry Sy: “I’m just a college graduate but I always think out of the box, because Harvard theory may not always be the best
ways than Harvard (formula).” Rest in peace.